Bill Status of SB2865 99th General Assembly
Short Description: BUSINESS-TECH
Sen. Jacqueline Y. Collins - Karen McConnaughay
| 1/10/2017||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Fairness in Lending Act. Makes a technical change in a Section concerning the short title.
Senate Committee Amendment No. 1
|Adds reference to: |
Replaces everything after the enacting clause. Creates the Small Business Lending Act. Contains findings and definitions. Provides that a lender that offers or makes a small business loan, buys a whole or partial interest in a small business loan, arranges a small business loan for a third party, or acts as an agent for a third party in making a small business loan must obtain a license from the Department of Financial and Professional Regulation. Contains provisions regarding: license applications, fees, issuance or denial, renewal, revocation, and surrender; surety bonds; appointments for service of process; investigations by the Department; advertising for small business loans; options for loan payments; loan refinancing; enforcement and penalties; powers of attorney; pledging or sale of loans; documentation from prospective borrowers; referrals; disclosures; prepayment of loans; verification of proposed loan agreements; civil actions; judicial review; partial invalidity; and other matters. Amends the State Finance Act relating to the Financial Institution Fund to provide for disposition of moneys received under the Small Business Lending Act.
|Date||Chamber|| Action|| 2/17/2016||Senate||Filed with Secretary by Sen. Jacqueline Y. Collins|| 2/17/2016||Senate||First Reading|| 2/17/2016||Senate||Referred to Assignments|| 4/6/2016||Senate||Assigned to Financial Institutions|| 4/6/2016||Senate||Senate Committee Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins|| 4/6/2016||Senate||Senate Committee Amendment No. 1 Referred to Assignments|| 4/7/2016||Senate||Added as Chief Co-Sponsor Sen. Karen McConnaughay|| 4/8/2016||Senate||Rule 2-10 Committee Deadline Established As April 22, 2016|| 4/12/2016||Senate||Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions|| 4/13/2016||Senate||Senate Committee Amendment No. 1 Adopted|| 4/13/2016||Senate||Do Pass as Amended Financial Institutions; 008-000-002|| 4/13/2016||Senate||Placed on Calendar Order of 2nd Reading April 14, 2016|| 4/22/2016||Senate||Rule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016|| 5/13/2016||Senate||Rule 2-10 Committee/3rd Reading Deadline Established As May 27, 2016|| 5/27/2016||Senate||Rule 2-10 Committee/3rd Reading Deadline Established As May 31, 2016|| 5/31/2016||Senate||Rule 2-10 Committee/3rd Reading Deadline Established As December 31, 2016|| 7/31/2016||Senate||Pursuant to Senate Rule 3-9(b) / Referred to Assignments|| 1/10/2017||Senate||Session Sine Die|